Word: baye
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Another factor that helped make Canada the new gold standard in banking was Ottawa's decision in the late 1980s to allow commercials banks to acquire investment dealers on Toronto's Bay Street, the country's financial hub. As a result, these institutions are subject to the same strict rules as commercial banks, while U.S. investment dealers are subject to only light supervision from the Securities and Exchange Commission. Morgan Stanley and Goldman Sachs, of course, will now be under the U.S. Federal Reserve's supervision since they have been chartered as bank-holding companies...
...first day in office, Kennedy made his gratitude official: "I am sure that your generous assistance has made this one of the most effective transitions in the history of our Republic." He would find himself calling on the former President both when he needed some public cover after the Bay of Pigs and when he needed private guidance for the Cuban missile crisis...
...Chinese enclave of Macau. When Singapore decided several years ago to boost its economy by becoming a tourist destination, the government of the conservative little city-state took the controversial step of legalizing gambling. Las Vegas Sands was tapped to build an anchor casino and resort complex on Marina Bay...
...year-old Adelson, for his part, pledged to personally ensure the "success" of the Singapore casino. "In light of recent turmoil in the global markets," he said in a statement released Nov. 7, "I felt the need to personally reaffirm our commitment to the success of Marina Bay Sands." Apart from announcing that executives from Las Vegas Sands had met with officials from the Singapore government over the last week, however, the statement did not specify what steps are being taken to bolster the finances of his company or its Marina Bay project...
...dependent on electronics exports and trans-shipping, for it to collapse. The Singapore Tourism Board may step in either with an infusion of cash or an agreement to assume a sizable chunk of the troubled casino operator's debt. "We are working closely and are in dialogue with Marina Bay Sands [Las Vegas Sands' Singapore subsidiary] to facilitate the completion of the project," says Margaret Teo, Assistant CEO of the Singapore Tourism Board. She declined to provide further financial details...